London Stock Exchange Group PLC

LSEG: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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London Stock Exchange Group Earnings: Tradeweb Shines; Shares Fairly Valued

Niklas Kammer

Feb 27, 2025

We have raised our London Stock Exchange Group fair value estimate to GBX 11,200 per share from GBX 10,200 after the company posted a strong end to 2024. We absorbed better-than-anticipated performance in the capital markets division in our model and lifted our near-term assumptions as well. As a result, we now anticipate 8% revenue growth for 2025, slightly ahead of LSEG's new guidance of 6.5%-7.5%. Our wide economic moat rating is unchanged. The shares appear fairly valued.

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London Stock Exchange Group PLC

London Stock Exchange Group Earnings: Tradeweb Shines; Shares Fairly Valued

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